Co-working spaces are becoming more palatable to freelancers, startups, and business executives who are looking for options beyond the traditional office. According to statistics, forty percent of the U.S. workforce will consist of freelancers and independent contractors, among others. This explains how the demand for co-working spaces hasn’t waned yet, with entrepreneurs even looking to franchising this space. Here’s a guide on how the co-working franchise works, and why it’s an attractive investment.
Cost and Commitment
The Balance explains that compared to traditional offices, co-working spaces are more lenient with rent. The former requires clients to sign a leasing contract that can span two to ten years, with some having deposits as an addition. When the client decides to break out of the agreement, laws in individual states might make this a complicated process. Co-working offices can bypass the hassles of commitment and costly deposits because space is usually rented by the month. For individuals, this can even be arranged on a weekly, daily, and other “pay-as-you-go” options.
Features and Pricing
The levels of pricing vary per co-working space, depending on whether they have additions to the essential amenities. Typically, a co-working space will come equipped with high-speed internet access, which most clients will need for communicating with partners overseas. Peripherals such as printers, scanners, or copiers will be required for document processing. In case of meetings between partners, among company members, and the like, conference rooms will be a must. Other factors that determine co-working space rates will be the level of security, the location at a business district, and kitchen facilities.
Networking Opportunities
Because clients will be working alongside people that won’t necessarily be their coworkers, networking opportunities are always present in co-working spaces. Hub Australia adds that small business owners will be surrounded by potential mentors, clients, or partners, to whom they can collaborate at a moment’s notice. For example, if the small business’s current workforce is understaffed, the heads can find available freelancers in the coworking space that can do the work for them.
Events and Partnerships
According to Entrepreneur India, co-working offices can be prime venues for events. Thanks to the networking opportunities already present, an individual or small business will already have an audience for events that might be held, be it workshops, talks, and the like. This benefits the co-working space itself because outsider freelancers and entrepreneurs who decide to attend the event will learn more about the area and might sign up afterward.
Going Beyond the Desk
To sum things up, co-working spaces are still in demand due to the benefits they bring. This has turned co-working franchises into attractive investments for businesspeople looking to cater to freelancers and startups. As co-working spaces grow, more people will be able to go beyond the typical office and get more control of their work and time. If you are hesitant to start your own business, you can take advantage of this need and join the industry of shared offices spaces. You can look for more pointers online.
